GeoMet Announces No Remaining Issues With Realizability of Deferred Tax Assets; Financial and Operating Results for the Quarter and Year Ended December 31, 2010 are No Longer Preliminary and Upcoming Filing of its Annual Report on Form 10-K
Houston, Texas— April 1, 2011-GeoMet, Inc. (NASDAQ: GMET) (“GeoMet” or the “Company”) today announced that it has determined that there are no remaining issues related to the realizability of its deferred tax assets as of December 31, 2010 and 2009. Additionally, the Company announced that its Financial and Operating Results for the Quarter and Year Ended December 31, 2010, as released on March 30, 2011, are no longer preliminary and that the Company intends to file its Annual Report on Form 10-K in the coming week.
Conference Call Information
GeoMet will hold its quarterly conference call to discuss its results for the quarter and year ended December 31, 2010 on April 4, 2011 at 10:30 a.m. Central Time. To participate, dial (877) 780-3381 and reference GeoMet, Inc. conference ID 6522117 The call will also be broadcast over the Internet from the Company’s website at www.geometinc.com . A replay of the conference call will be available for replay through April 15, 2011. The replay dial in number is (888) 203-1112 Pass code 6522117.
Forward-Looking Statements Notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical facts, all statements included in the document, including those preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “projects,” “target,” “goal,” “plans,” “objective,” “should” or similar expressions or variations on such words are forward-looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are volatility of future natural gas prices, which have been depressed recently, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. GeoMet undertakes no duty to update or revise these forward-looking statements.
About GeoMet, Inc.
GeoMet, Inc. is an independent energy company primarily engaged in the exploration for and development and production of natural gas from coal seams (“coalbed methane”) and non-conventional shallow gas. Our principal operations and producing properties are located in the Cahaba Basin in Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Alabama, British Columbia, Virginia, and West Virginia.
For more information please contact Stephen M. Smith at (713)287-2251 firstname.lastname@example.org ) or visit our website at www.geometinc.com .